FIFA scraps controversial $20 billion World Cup investment plan

FIFA President Gianni Infantino announced Friday that the organization has scrapped its controversial $20 billion plan to sell private stakes in future World Cup tournaments. The proposal had faced significant backlash from fans and soccer associations worldwide.

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Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.

"Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place," Infantino said in a statement. He added, "Our purpose has always been – and will always be – to unite and improve. As a result, this proposal will not proceed."

The plan, announced earlier in the week, involved setting up a separate subsidiary to control the commercial and operational rights of the World Cup, attracting private equity investment. It drew intense criticism, with UEFA stating the "soul and governance" of the game were under threat. European soccer's governing body had even threatened to boycott future World Cups.

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Our purpose has always been – and will always be – to unite and improve.

CONCACAF and the Asian Football Confederation (AFC) also issued statements rejecting the proposal, though they stopped short of a boycott. The Oceania Football Confederation planned to address the proposal in August. Adding to the pressure, FIFA senior advisor Carlos Cordeiro resigned in protest, calling the deal "bad for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game." FIFA's chief operating officer, Kevin Lamour, also spoke out, calling it "the project of one person."

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As a result, this proposal will not proceed.

Infantino expressed his goal to reunite the football world following this "debacle." He intends to bring all interested parties together to continue growing football globally, particularly in areas most in need of support.

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Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support.